Watch List notes:

Israel. Tel-Aviv Waad Notes. ND (1948-49), 50 & 100 Mils. P-Unlisted. These fractional tax coupons, issued by the municipality of Tel Aviv, are very scarce. They were issued in the early days of independence, when a shortage of change made it difficult for the municipality of Tel Aviv to collect taxes. These are of high quality, as confirmed by the PMG grades of About Uncirculated 53 EPQ and About Uncirculated 50 minor rust & stains, respectively. Great eye appeal. Estimated Value $500 - UP
Ex Raintree Collection.